Oil giant Shell to end Russian oil purchases
Oil giant Shell to end Russian oil purchases
Shell has apologies for buying Russian oil last week, as the the invasion of Ukraine unfolded, and announced it will purchase no more crude oil.
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Shell said it would end its involvement in all Russian hydrocarbons [Getty]
Energy giant Shell said Tuesday it would withdraw from its involvement in Russian gas and oil, including an immediate stop to purchases of crude from the country.
The UK-based company also issued an apology for buying a cargo of Russian crude oil last week and said it would shut its service stations, aviation fuels and lubricants operations in the country.
Shell said it would withdraw from its involvement in all Russian hydrocarbons "in a phased manner, aligned with a new (UK) government guidance" following Russia's invasion of Ukraine.
"As an immediate first step, the company will stop all spot purchases of Russian crude oil," it said in a statement.
"We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel -– despite being made with security of supplies at the forefront of our thinking -– was not the right one and we are sorry," said chief executive Ben van Beurden.
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